The Guernsey government has issued a statement in relation to concerns surrounding the HM Revenue and Customs' (HMRC) offshore information disclosure initiative, wherein 300 financial institutions are required to disclose transaction details relating to any offshore accounts where the holder has a UK address associated with their account.
The Guernsey government’s statement explains:
“In 2007, Guernsey’s Data Protection Commissioner received numerous complaints from local residents about the disclosure of their bank account details to [HMRC].”
”The outcome of those complaints was an undertaking by HMRC that any information relating to people without a UK tax liability would be destroyed.”
”It is likely that this disclosure initiative will once again affect some local residents who may have no liability for tax in the UK, but have some UK links, such as a temporary address in the UK or some other historical or family connection.”
”The disclosure orders have been served on UK institutions, so should only affect those residents whose bank does some processing activities in the UK.”
”Anyone who is at all concerned as to whether their account details may be disclosed to HMRC is recommended to contact their local bank, who should be able to give them further information.”
”HMRC has given an undertaking that any transaction data relating to non-UK taxpayers will be destroyed, but the Information Commissioner has advised the Guernsey Commissioner that he will be scrutinising the operation of the scheme to ensure that it remains compliant with the Data Protection Act.”
The Guernsey government informed that Peter Harris, Guernsey’s Commissioner, has written to HMRC about this matter and had been advised as follows:
“HMRC will be working with the financial institutions subject to the notices over the next few months, to ensure that the information disclosed is only that required under the notices. We have already issued them an information pack and will be holding workshops in September to help further.”
HMRC also assured the Commissioner that it will not cold call any islanders about their tax affairs; the Commissioner emphasizes that if anyone receives cold calls claiming to be about income tax, they should be ignored.
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